Chairman of Wanxiang Group LU Guanqiu passed away on Oct. 25

Shanghai (Gasgoo)-On Oct.25, according to Wanxiang's official news, LU Guanqiu, the founder of Wanxiang Group, which is China's largest automotive components measured by revenues, passed away on Oct. 25, 2017 at the age of 74.

Born in 1944, LU Guanqiu was deemed as a legendary township entrepreneur, who had led Wanxiang Group transform from a shabby agriculture machinery repair factory into a gigantic multinational enterprise with business covering manufacturing, energy, financing, agriculture and resources. With a total property of RMB 49 billion, he had been listed on the recent-released Hurun Rich List 2017. As a township entrepreneur, he has a heart of philanthropy and simplicity. He once said that an entrepreneur should earn money but should never be the slave of money, and the entrepreneur is fated to create, dedicate and sacrifice and should put his thoughts into practice.

With the reform and opening up policy implemented in 1978, LU Guanqiu foresaw the promising future of Chinese vehicle market. He renamed his factory and focused on the professional manufacturing of universal joints. In 1990, he chose Wanxiang Group as the new name for his company and used it until today.

Though LU Guanqiu had little formal schooling, he had great wisdom in doing business. In 1990s, he put forward a strategy of going aboard, enabling Wanxiang products to enter into 18 countries and areas including Japan, Italy, France, Australia and Hong Kong. In 1994, Wanxiang was listed on the Shenzhen Stock Exchange, becoming China's first township enterprise listed on a stock exchange, and setting up a wholly owned subsidiary in America. With China joined in the WTO, Wanxiang became the first Chinese OEM to provide automotive components for GM. In 2001, LU Guanqiu even purchased UAL, which was listed on the NASDAQ, becoming the pioneer for China's township enterprises to purchase foreign listed companies.

LU Guanqiu was ambitious in manufacturing cars. In recent years, Wanxiang Group began to set foot into the manufacturing of EVs via purchasing several American clean energy companies who possess advanced technologies, such as A123 Systems LLC and Fisker Automotive. LU Guanqiu had once said that the energy and environment-protection problem are the major tasks for human beings so it is promising to manufacture EVs. Up to now, Wanxiang had invested heavily on EV project.

LU Guanqiu was the leader of the era—the most influential labor model since the foundation of new China, China's best township entrepreneur, national excellent entrepreneur and awarded the exploit of China township enterprises. General Secretary Xi Jinping also spoke highly of LU Guanqiu, he said LU was one of the revolutionists among China's first township entrepreneurs and also one of the pioneers for China's reform.

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